BRYN MAWR, Pa.--(BUSINESS WIRE)--Aqua America (NYSE:WTR) announced today that its subsidiaries in Pennsylvania, New Jersey and Virginia have completed the acquisition of water systems in their states.
Aqua Pennsylvania purchased the assets of the Mt. Jewett Borough water system, which serves approximately 1,500 people in Hamlin Township, Pennsylvania, for $1.13 million, marking its entry into McKean County. The majority of the service area includes residential homes, along with some commercial and business accounts.
Aqua New Jersey purchased the assets of the Seaview Harbor water system in Egg Harbor Township for $225,000, marking its entry into Atlantic County. The system serves approximately 300 residents.
Aqua Virginia acquired the assets of the Venter Heights public water system for $85,000. The system serves 105 homes and 32 apartments in King William County, Virginia.
Last week, Aqua America’s Illinois subsidiary announced the purchase of the municipally owned North Maine Utilities (NMU) water and wastewater system from the Village of Glenview, Illinois for $22 million. The system serves more than 44,000 people through 4,700 metered water connections and nearly 2,500 wastewater connections.
“We are excited about our latest results of our growth-through-acquisition strategy,” said Aqua America Chairman and CEO Nicholas DeBenedictis. “With these acquisitions, we are in the position to exceed our 2014 performance in customer growth, the number of total acquisitions and the number of municipal acquisitions for the year. Further, we are particularly pleased to expand our service territory into two new counties — one each in Pennsylvania and New Jersey.”
Aqua America is one of the largest U.S.-based, publicly traded water utilities and serves nearly 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. Visit AquaAmerica.com for more information.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the company’s ability to exceed 2014 performance in customer growth, the number of total acquisitions and the number of municipal acquisitions for the year. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, the successful integration of the customers and the facility, the ability to close the additional acquisitions on a timely basis, and other factors discussed in our Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Aqua America’s business, please refer to Aqua America’s annual, quarterly and other SEC filings. Aqua America is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.